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Home Prices Continue to Outpace Wage Growth

For the 12 months ending May 2018, the median Bend Area sold price rose 10 percent over the 12 months ending in May 2017. Wages have been pretty stagnant, but despite this disparity, demand continues for housing, particularly in the lower end of the market. It's very difficult to land a home for under $300,000.

According to a recent article in Realtor Magazine, prices nationally have risen 75 percent since the first quarter of 2012, but average wages have increased just 13 percent since then. The 11 percent increase in mortgage rates has further contributed to what is called the worst housing affordability in 10 years.

Bend single-family residential home prices have remained stable the past two months at $415,000 and inventory is slightly up, at three months—perhaps partially reflecting this situation. The demand is still there and supported by continued sales increases.